Mass Appraisal: An Introduction to Multiple Regression Analysis for Real Estate Valuation

Benjamin, John D.; Guttery, Randall S.; Sirmans, C. F.

doi:10.1080/10835547.2004.12091602

Cited by 68 publications

(40 citation statements)

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“…A variety of regression methods have been utilized in research papers regarding mass appraisals such as in the works of Benjamin et al (2004) with multiple regression, Liu et al (2011) with Neural Networks and Dimopoulos and Moulas (2016), with geographically weighted regression. A detailed search was performed in Scopus, utilizing the keyword Real Estate into the first part of the query, together with Mass Appraisal and Property Valuation, with OR statement among them.…”

Section: Bibliometric Reviewmentioning

confidence: 99%

Accuracy measurement of Random Forests and Linear Regression for mass appraisal models that estimate the prices of residential apartments in Nicosia, Cyprus

et al. 2018

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Abstract. The purpose of this article is to examine the prediction accuracy of the Random Forests, a machine learning method, when it is applied for residential mass appraisals in the city of Nicosia, Cyprus. The analysis is performed using transaction sales data from the Cyprus Department of Lands and Surveys, the Consumer Price Index of Cyprus from the Cyprus Statistical Service and the Central Bank of Cyprus' Residential Index (Price index for apartments). The Consumer Price Index and the price index for apartments record quarterly price changes, while the dependent variables for the computational models were the Declared and the Accepted Prices that were conditional on observed values of a variety of independent variables. The Random Forests method exhibited enhanced prediction accuracy, especially for the models that comprised of a sufficient number of independent variables, indicating the method as prominent, although it has not yet been utilized adequately for mass appraisals.

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Section: Bibliometric Reviewmentioning

confidence: 99%

Accuracy measurement of Random Forests and Linear Regression for mass appraisal models that estimate the prices of residential apartments in Nicosia, Cyprus

et al. 2018

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“…The procedures of real estate mass appraisal suggested in the literature are typically based on multiple regression models (BARAŃSKA 2010;BENJAMIN et al 2004;ISAKSON 1998;KAUKO, D'AMATO 2008;PARZYCH, CZAJA 2015). Econometric models are sometimes supplemented with spatial effects (CELLMER 2014).…”

Section: Literature Review -Application Of Statistical Methods In Masmentioning

confidence: 99%

Individual Capacities of Hellwig’s Information Carriers and the Impact of Attributes in the Szczecin Algorithm of Real Estate Mass Appraisal

Doszyń

2019

Real Estate Management and Valuation

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A statistical method of defining the impact of real estate attributes based on individual capacities of Hellwig’s information carriers was proposed in the paper. The method may be used for defining the impact of attributes in the Szczecin algorithm of real estate mass appraisal. The proposed procedure refers to the so-called Hellwig’s method, used for the selection of explanatory variables in an econometric model. In the case of real estate attributes, we typically deal with variables measured on an ordinal scale. Therefore, Kendall’s tau coefficients (tau a, tau b, tau c) will be applied in order to determine the strength and direction of a relation between variables. These coefficients enable the measuring of the strength and direction of a relation between variables measured on an ordinal scale. After valuating proper matrices of Kendall’s tau coefficients, individual capacities of Hellwig’s information carriers were determined, on the basis of which the impact of attributes in the Szczecin algorithm of real estate mass appraisal was defined. The proposed procedure was supported with an empirical example using a real data base that comprises 99 undeveloped land properties of industrial designation, including depots, storehouses, warehouses, and yards. After determining the impact of each attribute, the Szczecin mass appraisal algorithm was used to evaluate values. The obtained real estate values were very close to the values obtained by real estate experts.

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“…The closeness of linear connection is quantitatively expressed by a correlation coefficient. The task of regression analysis is to determine the direction and connection form between the dependent and factorial features (Benjamin, Guttery, & Sirmans, 2004;Berrens & McKee, 2004;Brown & Harvey, 1982;Dizikes, 2010;Francke, Vos & Janssen, 2008;Hietanen, 2004).…”

Section: The Methodology and Modelmentioning

confidence: 99%

Appraisal of the Residential Real Estate in Latvia: The Case of Riga and Daugavpils

Ruzha

Tambovceva

Arbidāne

2015

Baltic Journal of Real Estate Economics and Construction Management

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The real estate sector plays an important role for the real economy. Econometric modeling is successfully applied to mass appraisal of real estate, which is one of the most classical economic tasks. The paper shows the results of the use of three models for the appraisal of the commercial value of residential real estate in Latvia. The authors have chosen two biggest cities in Latvia, i.e., the capital of Latvia-Riga and the regional center-Daugavpils. The statistical analysis of the sales data for 2011-2012 has allowed distinguishing pricing factors of the residential real estate both at the regional level and at the level of a building and object of real estate. Modeling was conducted with the use of correlation and regression and cluster analyses. The additive and multiplicative models based on the regression equation and the model of the cluster analysis based on the method of parallel sectioning have been presented.

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Mass Appraisal: An Introduction to Multiple Regression Analysis for Real Estate Valuation

Cited by 68 publications

References 0 publications

Accuracy measurement of Random Forests and Linear Regression for mass appraisal models that estimate the prices of residential apartments in Nicosia, Cyprus

Accuracy measurement of Random Forests and Linear Regression for mass appraisal models that estimate the prices of residential apartments in Nicosia, Cyprus

Individual Capacities of Hellwig’s Information Carriers and the Impact of Attributes in the Szczecin Algorithm of Real Estate Mass Appraisal

Appraisal of the Residential Real Estate in Latvia: The Case of Riga and Daugavpils

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